Sir Mervyn King
Media playback is unsupported on your device

Bank of England warns of 'financial storms'

The Governor of the Bank of England, Sir Mervyn King has urged banks to brace themselves for a potential eurozone collapse.

Delivering a financial stability report he warned that financial systems around the world are vulnerable to the eurozone debt crisis .

He said: "In the UK, we most try to bolster the resilience of our financial system to better withstand the storms that may come in our direction."